Mongolia Presidential Candidate Evokes Trump, Challenges IMF
- Battulga seeks to reinstate bank law that almost derailed loan
- Nation rich in natural resources holds election on June 26
Workers walk across the construction site of a residential building in Ulaanbaatar, Mongoli.
Photographer: Tomohiro OhsumiThis article is for subscribers only.
One of Mongolia’s top presidential candidates is seeking to reinstate a banking measure that almost derailed the country’s $434 million bailout last month as part of a populist-tinged campaign.
Battulga Khaltmaa, a candidate with President Elbegdorj Tsakhia’s Democratic party, told Bloomberg in an interview that he supports restoring a provision requiring revenue from the Oyu Tolgoi copper mine and other large foreign-backed projects to be directed through local banks. Mongolia’s parliament repealed the provision last month, after the International Monetary Fund balked at approving the funding.